Westwood, Heritage Prepare for 750,000-SF Retail Project

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OMAHA-A joint venture between Westwood Development Group LLC and Heritage Property Investment Trust is entering the Nebraska market with a 750,000-sf retail development in the suburb of La Vista. The estimated $100-million development is slated to rise near the Harrison Street exit from Interstate 80.

La Vista Pointe, as it is being called, will be shadow anchored by a 125,000-sf Cabela’s and a John Q Hammons hotel and convention center complex. The Hammons project will include 550 hotel rooms under the Embassy Suites and Marriott Courtyard brands and 80,000 sf of convention space. The Cabela’s is slated to open next fall, the hotel in 2007.

A source at Westwood tells GlobeSt.com that Westwood is the expertise partner and Heritage Property is the money partner. The JV closed on the 45.5-acre development site last week and does not yet have any signed leased, he says. The selling entity was Southport West Partners.LaVista Pointe, as it is to be called, will have both lifestyle center and traditional power center components as well as a movie theater and dining options. The lifestyle center will run adjacent to I-80. The power center will be further back on the site, according to the source.Westwood chairman Michael Bowen says part of the impetus for the project is the demographics. Within 10 miles of the LaVista Pointe site is 529,973 people with average incomes of $70,600. In addition, about 164,300 cars pass in front of the development site every day.

Westwood Development Group is a Michigan-based national commercial retail developer with four million sf of properties in six states. Boston-based Heritage Property Investment owns 31 million sf in 171 shopping centers in 29 states. In addition to La Vista, Westwood and Heritage are jointly developing a Kohl’s anchored power center in Michigan.